Zacks Research Upgrades Mereo BioPharma Group (NASDAQ:MREO) to Hold

Mereo BioPharma Group (NASDAQ:MREO) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a research report issued on Wednesday,Zacks.com reports.

A number of other research firms have also weighed in on MREO. JPMorgan Chase & Co. upped their target price on shares of Mereo BioPharma Group from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Monday, August 25th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Mereo BioPharma Group in a research report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Mereo BioPharma Group from a “sell” rating to a “hold” rating in a research report on Saturday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Mereo BioPharma Group presently has an average rating of “Moderate Buy” and a consensus price target of $7.40.

Mereo BioPharma Group Stock Performance

MREO stock remained flat at $1.78 during trading on Wednesday. The company had a trading volume of 845,012 shares, compared to its average volume of 1,621,763. Mereo BioPharma Group has a fifty-two week low of $1.47 and a fifty-two week high of $3.94. The business’s fifty day simple moving average is $1.91 and its 200 day simple moving average is $2.09. The firm has a market capitalization of $283.02 million, a price-to-earnings ratio of -29.67 and a beta of 0.41.

Mereo BioPharma Group (NASDAQ:MREO) last issued its earnings results on Monday, November 10th. The company reported ($0.01) earnings per share for the quarter. The firm had revenue of $0.30 million during the quarter, compared to the consensus estimate of $3.70 million. As a group, sell-side analysts predict that Mereo BioPharma Group will post -0.03 EPS for the current year.

Institutional Investors Weigh In On Mereo BioPharma Group

Large investors have recently added to or reduced their stakes in the business. Frazier Life Sciences Management L.P. raised its stake in Mereo BioPharma Group by 53.4% in the first quarter. Frazier Life Sciences Management L.P. now owns 7,819,863 shares of the company’s stock valued at $17,595,000 after purchasing an additional 2,722,084 shares in the last quarter. Aberdeen Group plc grew its position in Mereo BioPharma Group by 82.9% in the third quarter. Aberdeen Group plc now owns 5,538,699 shares of the company’s stock worth $11,410,000 after acquiring an additional 2,509,827 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC bought a new stake in Mereo BioPharma Group during the third quarter worth about $3,928,000. Blue Owl Capital Holdings LP purchased a new position in shares of Mereo BioPharma Group in the 3rd quarter worth about $2,575,000. Finally, UBS Group AG boosted its stake in Mereo BioPharma Group by 159.9% in the third quarter. UBS Group AG now owns 970,667 shares of the company’s stock worth $2,000,000 after buying an additional 597,162 shares in the last quarter. Institutional investors own 62.83% of the company’s stock.

About Mereo BioPharma Group

Mereo BioPharma Group plc, a biopharmaceutical company, develops and commercializes therapeutics for the treatment of oncology and rare diseases in the United Kingdom, the United States, and internationally. It develops Etigilimab (MPH-313), an antibody T-cell immunoreceptor with Ig and ITIM domains, which is in Phase 1b clinical trial for the treatment of tumors.